Crude oil prices are moving down because of the excessive production


Oil prices stabilised early on Wednesday after posting two days of falls at the start of the week. While Friday's jump helped push prices higher for the week, futures are still below their peak in January, with the market struggling to recoup losses from last month's broader market slump. But U.S. crude fell as much as 2.21 percent on Monday, to $60.67 per barrel, before bouncing back to $61.35, down 1.11 percent.

New indications of growing USA output come as the Organization of the Petroleum Exporting Countries-which has been holding back output by 1.8 million barrels a day since the start of last year-is divided over how high the price of oil should be.

Futures in NY were little changed after surging 3.2 percent Friday.

According to energy services firm Baker Hughes, U.S. energy companies last week cut oil rigs for the first time in nearly two months, with drillers cutting back four rigs, to 796.

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In oil markets, US energy companies last week cut oil rigs for the first time in nearly two months, with drillers cutting back four rigs, to 796, Baker Hughes (GE.N) energy services firm said.

The US has become the world's second-largest crude oil producer, ahead of top exporter Saudi Arabia. Total volume traded was about 37 percent below the 100-day average.

Crude prices rose on Friday and earlier on Monday after the USA economy added the biggest number of jobs in more than one-and-a-half years in February.

For the first time since 2014, Brent oil reached $71 per barrel, as well as WTI crude futures rising to $66.35 per barrel, the highest price mark since December 2016. The global benchmark widened to a $3.89 premium to May WTI.

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Official weekly USA crude oil production and inventory figures are due to be published by the Energy Information Administration (EIA) later on Wednesday. Crude shipped overseas from the USA will soar to nearly 4 million barrels a day by the mid-2020s, rivaling shipments from Iraq and Canada, it said last week.

U.S. tight oil production, or shale fracking, should rise by 131,000 barrels a day in April, to a record of 6.95 million barrels a day, according to the U.S. Energy Information Administration's latest drilling report released this week.

Among refined products, Nymex reformulated gasoline blendstock-the benchmark gasoline contract-was down 0.5%, at $1.89 a gallon.

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